In his magisterial Law and Revolution, Berman includes these incisive observations in his conclusion: Law is as much a part of the mode of production of a society as farmland or machinery; the farmland or machinery is nothing unless it operates, and law is an integral part of its operation. Crops are not sown and harvested without duties and rights of work and exchange. Machinery is not produced, moved from the producer to the user, and used, and the costs...

Note: This is the thirdin a series examining the positions of several minorparty and independent presidential candidates onissues covered by the Acton Institute. A previous series covered the Democratic Party platform (see here and here) and the Republican Party Platform (see here and here). Although minor parties —often called “third parties” to distinguish them from the dominant two — have always been a part of American politics, the dissatisfaction with the Republican and Democratic parties in the current election season...

In the early 1930s a student organization at the University of Chicago invited William Z. Foster, the Communist Party’s candidate for President, to give a lecture on campus. Not surprisingly, the event sparked outrage and criticism, both at the school and around the country. In response the school’s president, Robert M. Hutchins said, “our students . . . should have freedom to discuss any problem that presents itself” and said the “cure” for ideas we oppose “lies through open discussion...

In a new video from TED Ed, Akshita Agarwal provides a quick lesson on Adam Smith’s “paradox of value” and the differences between “value in use” and “value in exchange.” For Christians, there’s a crucial lesson here about the best way to meet humanneeds in the economic order,whether throughtrade policy, reducing price controls,orany number of other areas.Discerning “economic value” is a tricky thing, andfree economies are a handy tools for working through these thingsinpeaceful and productive ways. But as Agarwal...

There is an old preachers’ tale of a young man who turned to the Bible for guidance on making decisions. Using the text as a divining rod, he would flip through Scripture and let his finger land on a verse, using the result as a divine insight into how he should decide. One day while wondering what to do with his life, he flipped his Bible open and pointed to Matthew 27:5. He read, “[Judas] went and hanged himself.” He...

Acton Research Fellow and Director of Poverty, Inc. Michael Matheson Miller joins host Bill Meyer on The Bill Meyer Show on KMED Radio in Medford, Oregon, to discuss how to genuinely help those around the world who remain mired in poverty. He notes that often, foreign aid tends to support the “big three” items: education, infrastructure, and health care. But the question remains: are these things the cause of wealth, or are they the result of wealth? The answer to...

Modern Catholic social teaching has been articulated, as the U.S. Conference of Catholic Bishops notes, through a tradition of papal, conciliar, and episcopal documents. These documents developed a number of themes related to economic and social policy, such as the option for the poor and vulnerable and the dignity of work and the rights of workers. Because of this focus, Catholic social teaching on economics is often associated with the political left. But is that a fair assessment? James Baresel...

Global poverty is on the decline. Technological progress is pacingat break-neck speed. Freedom and opportunity are spreading across the world.And yetour political classes and popular masses continue to preach of impending doom. Why do we haveso muchpessimism in an age of such pronouncedprosperity? In a splendidessayfor The Spectatoron the “doom delusion,” Johan Norberg argues that, on the whole, there is actually great cause for optimism. Writing in a vein similar to thinkers such as Matt RidleyandDeirdre McCloskey, Norberg reminds us...

On this day in 1632, one of the greatest champions of liberty and someone often referred to as the “Father of Liberalism,” John Locke, was born. Although Locke’s philosophy played a crucial role in the American founding, there is still much that we can learn from his writings today. Here are 5 things to remember about Locke on his birthday: Locke offered one of the first and most recognized theories of private property. To this day, many still refer to...

Approximately 1 in 50 Americans are at risk of anaphylaxis, a severe and potentially life-threatening allergic reaction caused by such conditions as food allergies or exposure to the venom of bee stings. Fortunately, people at risk of anaphylaxis can get a prescription for an epinephrine autoinjector that goes by the brand name EpiPen.By self-injecting epinephrine at the onset of anaphylaxis they can be stabilized long enough to seek medical treatment. In 2007, the cost was approximately $100 (the medicine in...